Bylaw No. 65 Being a By-law to Establish a Capital Works Reserve Fund

BY-LAW NO. 65

BEING A BY-LAW TO ESTABLISH A CAPITAL WORKS RESERVE FUND

WHEREAS Section 378 (1) (a) of the Municipal Act provides that the Council may, by By-law, establish a reserve fund for expenditures for necessary for them and extension or renewal of existing capital works;

AND WHEREAS the Council of the Town of View Royal, deems it desirable to create a reserve fund for such capital projects;

NOW THEREFORE the Municipal Council of the Town of View Royal, in open meeting assembled enacts as follows:

1. There is hereby established a reserve fund to be known as the "Capital Works Reserve Fund" hereinafter referred to as "the fund";

2. The Treasurer of the Town of View Royal is hereby instructed and authorized to pay into the said Fund, such amounts of money as directed from time to time by the Council;

3. The monies paid into the Fund shall be deposited in the Colwood branch of the Royal Bank of Canada in a separate bank account and until required to be used, may be invested in the manner provided by Section 387 of the "Municipal Act";

4. The monies of the Fund are to be used only for the purposes of Capital Projects and any land, machinery, or equipment necessary therefore, including the extension or renewal of existing capital works;

5. This By-law may be cited for all purposes as the "Capital works Reserve Fund Establishment By-law, 1990, No. 65.

READ A FIRST TIME THIS 2ND DAY OF OCTOBER 1990.

READ A SECOND TIME THIS 2ND DAY OF OCTOBER 1990.

READ A THIRD TIME THIS 2ND DAY OF OCTOBER 1990.

RECONSIDERED, FINALLY PASSED AND ADOPTED BY COUNCIL, SIGNED BY THE MAYOR AND CLERK AND SEALED WITH THE SEAL OF THE TOWN OF VIEW ROYAL THIS 16TH DAY OF OCTOBER, 1990.

MAYOR

CLERK

I hereby certify the above to be a true and correct copy of "CAPITAL WORKS RESERVE FUNS ESTABLISHMENT BYLAW, 1990, NO. 65" as adopted by Council of the Town of View Royal on the 16th day of October, 1990.

D. A. Christensen, Municipal Clerk